Tabreed Appoints New Chief Financial Officer

Wednesday, February 11, 2015

Tabreed Appoints New Chief Financial Officer

Abu Dhabi – United Arab Emirates: National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi -based regional district cooling utility company, today announced the appointment of Steve Ridlington as Chief Financial Officer (CFO), effective February 22. Ridlington will succeed Adrian Kershaw, who will remain with the company until the end of March.

Ridlington, who served as Tabreed’s CFO from 2009 – 2011, and led the restructuring of the company during that period, will make his return to the UAE’s largest district cooling company after spending the last four years in London, England, as CFO for Buried Hill, a private upstream oil and gas exploration company. He has over 34 years of international industry experience, 17 of which were spent in various leadership positions within BP, one of the world’s top oil and gas companies.

Commenting on Ridlington’s appointment, Jasim Husain Thabet, Tabreed’s CEO said: “It is with great pleasure that we welcome Steve to Tabreed, who brings with him a wealth of industry experience spanning the globe. His track record demonstrates an ability to enhance shareholder value while strengthening the company’s financial position. I’m confident that Steve will make an immediate impact on our business, and will continue to drive our organization forward.”

Kershaw will remain with Tabreed for one month and work alongside Ridlington to ensure a smooth leadership transition.

Commenting on Kershaw’s departure, Thabet added: “During his five years at Tabreed, Adrian was a critical component of our growth story. He was instrumental in the recapitalization program, which set in place a stable capital structure and returned the company to sustainable profitability. Most recently, he successfully concluded the AED 2.6 billion refinancing of all our debt facilities, and has worked tirelessly to transform Tabreed into a leading utility infrastructure company.”

“I would like to thank Adrian for his many contributions, and wish him all the best on his next venture.”

Tabreed currently has 69 district cooling plants across the GCC and provides its services to many of the region’s critical projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic and Galleria, and all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other landmarks such as the Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl – Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.